September 24, 2017

Who’s filing for bankruptcy now?

A report released today by the Institute for Financial Literacy (IFL) shows that the recession is noticeably shifting more middle class Americans into bankruptcy.

IFL’s 2008 Annual Consumer Bankruptcy Demographics Report found that the average American in financial distress and seeking credit counseling and financial education is a 35-to-44 year-old married Caucasian with a high school degree or some college who is employed and earning less than $30,000 per year.

However, this year’s report also found that greater percentages of the following demographic groups were filing for bankruptcy: Americans 45 to 64 years old, of Asian and Caucasian descent and having attained an Associates or Bachelors degree.

The report also found that the four most common causes of financial distress included overextension on credit, unexpected expenses, reduction of income and job loss.  Click here to read the full report.

We’re here to help

sign that reads "the better way"Fear and procrastination are the worst enemies of those in financial distress.  What you read on the Internet, hear from friends and family, see in advertisements from “tax repair” services, “credit repair” services, “debt consolidation” services and the like is often (at best) misleading or misinformed, and (at worst) downright criminal.

Partners Mitchell and Culp have extensive experience in nearly every area of debtor/creditor law.   We have filed bankruptcies under Chapters 7, 11, 12 and 13 of the Bankruptcy Code, for individuals, mom and pop businesses, and large corporate entities.

We know when it’s best to file for bankruptcy and can help negotiate with creditors.

Get the facts from an experienced attorney. Procrastination works for no one.